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U.K.’s Tough Iran Sanctions May Cost Banks Big Money
By Vanya Dragomanovich
printThe U.K.'s latest economic sanctions against Iran will likely cost banks proceeds from dropped trade finance deals in addition to new compliance expenses, according to attorneys and officials at British financial institutions. Britain's HM Treasury issued the sanctions Nov. 21, barring U.K. financial institutions from dealing with any Iranian bank, including the country's central bank. The sanctions, which have severely strained diplomatic relations between Iran and the United Kingdom, ordered banks to suspend blacklisted transfers within six days. Since then, the European Union has stepped up its own sanctions against Iran, adding another 180 individuals and businesses to its sanctions...
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